Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ASTRAZENECA PLC. We currently have 15 research reports from 3 professional analysts.
|17Jan17 07:00||RNS||AZ 1st-line lung cancer immuno-oncology programme|
|03Jan17 04:02||RNS||Total Voting Rights|
|23Dec16 07:00||RNS||AZ COMPLETES SALE OF ANTIBIOTICS BUSINESS|
|16Dec16 01:00||RNS||Director/PDMR Shareholding|
|09Dec16 03:05||RNS||FDA accepts durvalumab for BLA in bladder cancer|
|06Dec16 09:30||RNS||Tagrisso data shows superiority over chemotherapy|
|05Dec16 07:00||RNS||AZ completes agreement for Rhinocort Aqua rights|
Frequency of research reports
Research reports on
18 Jan 17
While advanced media notice of key aspects from Theresa May’s speech took the sting out of the event itself, Sterling undertook its biggest rally since 2008 on the basis of her exacting presentation and the fact that UK corporates can now at least plan for a formal exit from the single market. Most commentators thought the PM was demanding both to have her cake and eat it, while injecting veiled threats should the EU decide to adopt a hard line for good measure but, in reality, this has to be her starting point. Considering the two or three months of ground preparation needed following the enacting of Article 50, plus the 4 or 5 months required to gain approval from all the EU’s national parliaments, the remaining 16 to 18 months barely looks enough to get a comprehensive framework in place, particularly given that it will also be subject to approval here by both MPs and Peers. To hope that the process will also have been sufficiently engineered to permit what she wishes to be “a smooth and orderly Brexit”, is possibly asking for too much. So something looks like it will have to give, which is a concern given that pricing data released yesterday morning confirmed December’s UK inflation had accelerated to its fastest pace in more than two years with Sterling’s step decline driving a surge in import cost. Now at 1.6%, CPI is within striking distance of the Bank of England’s 2% target which it believes will be breached early summer. Although Mark Carney is expected permit the economy to ‘run hot’ for the whole of 2017 unless the figure spikes a full percent above his preferred ceiling, UK’s highly indebted economy will likely already be slowing the following year just when it will be knocked further by a series of interest rate hikes. Not the best circumstances to confront the realities of life outside the EU! Having thrown the markets yet another googly, Donald Trump describing the US$ as “too strong” was enough to unnerve the principal US equity indices which all ended in negative territory. Asia also suffered from his apparently haphazard commentary, closing mixed to down as the US$ recovered slightly from its earlier dive to a 1-month low against the international basket, with Chinese equities the only ones confident enough to stay in the positive. While Theresa May heads for Davos in order to convince world leaders she has a winning Brexit strategy, the UK is due to release unemployment data as the also EU publishes its December Consumer Price Index. A batch of US macro releases, such as the Redbook, Consumer Prices, Industrial Production and the NAHB Housing Market Index, can be expected this afternoon. A batch of US macro releases, such as the Redbook, Consumer Prices, Industrial Production and the NAHB Housing Market Index, can also be expected. UK corporates due to provide earnings or trading updates include Anglo Pacific (APF.L), Diploma (DPLM.L), Experian (EXPN.L), Ladbrokes Coral (LCL.L), Pearson (PSON.L), Premier Foods (PFD.L), Watkin Jones (WJG.L) and Weatherspoons (JDW.L). While media comment regarding Rolls-Royce’s involvement in contract bribery will generate some market gossip this morning, traders will also be more focussed on quarterly earnings anticipated from a number of US majors this afternoon. Against this background, London is seen opening gently firmer this morning, with the FTSE-100 rising 15 points or so in early trade.
11 Nov 16
"Just when investors though they would be waking up to the mother of all Trump hangovers, the Dow Jones surges to a fresh all-time record. But what's going on in the debt markets? After all, recent successful presidencies can be traced back to stability in US government bonds. Yesterday, the fixed income sell-off that started with Treasuries on Wednesday began to spread across the world as traders reacted to the prospect of a giant US fiscal stimulus, and have even started to ask whether Trump's victory in fact spells the end of their market's extended bull run. For sure, his proposal to hit US corporates with large offshore cash deposits with a one-time 10% charges, irrespective of whether the funds are repatriated or not, would go some way filling the IRS's coffers, even if there can be no certainty whether they would then choose to invest the surplus or simply give it back to shareholders. Indeed, this point was seen to unsettle tech stocks last night, with the NASDAQ quite sharply down while the Dow and S&P-500 remained well supported. Whatever, an unsettled and divided US yearns for clear vision and immediate action on where the economy is going and Trump knows that his credibility will be tested during his first 100 days in office. But even with control of both congressional chambers his far-reaching plans, ranging from tax reform to renegotiating global trade pacts, will still take as much as two years to become law. European leaders appear anxious to use this breathing space in order to consider their own position within a changing world order, as German Finance Minister, Wolfgang Schaeuble made clear in a speech yesterday. Meanwhile, with the Fed's Jeffrey Lacker overnight noted that the case for raising interest rates remains strong, Janet Yellen's scheduled testimony on Capitol Hill will undoubtedly be one of next week's highlights. Asia also put in a more sombre performance earlier today, as counterarguments circulated between brokers regarding the prospect of high import tariffs/international trade war and a reflated global economy, with the US$-biased Hang Seng being the only loser amongst other modestly firmer indices. With just UK construction figures due for release this morning and no major corporates due to report, London's markets are expected to largely tread water today awaiting more news from Washington; the FTSE-100 is seen fluctuating some 5 or so points either side of unchanged in early trading." - Barry Gibb, Research Analyst
04 Oct 16
"Chancellor Philip Hammond’s speech at the party conference yesterday delivered on most expectations. As predicted, Sterling continued to be the fall guy, sliding close to a 30-year low against the US$, the results of which had already been amply demonstrated by the release of much stronger than expected September PMI data. Jettisoning his predecessor’s plan to achieve fiscal surplus by 2020, the market is now starting to call for much more that the relatively modest boosts provided to housebuilders/constructors and tech innovation in his speech. Indeed, since most forecasters expect next year’s enactment of Article 50 to compound investment uncertainty, resulting in slower growth and lower tax revenues, he will have to do more that just take his foot off the ‘austerity pedal’. Indeed, the government may see the need to fund significant new infrastructural and regeneration programmes, with a view to staunching a potential downward spiral in economic confidence or rocketing unemployment over the next 30 or so months. Not that Hammond wanted it, but the Fed’s William Dudley also reminded markets yesterday of the problems that continue to be experienced by the world’s increasingly impotent central banks. His statement noted insights being gathered “..have important implications for the appropriate path for monetary policy and the question of whether monetary policy makers need additional tools or greater support from the fiscal authorities”. Dudley’s suggestion was not particularly new, but still enough to send a shiver down the spine of the US equity markets, with all principal indices closing modestly negative as some cashed-in profits from the rally of the past few days. Asia closed mixed with only Japan making a reasonable gain due to a weaker Yen and despite the BoJ being forced to lower its inflation outlook still further. The Shanghai Composite was closed for the second day, leaving the Hang Seng and the ASX to make only fractional negative movements. The UK has no major macro data scheduled for release this morning, although the IMF will produce its World Economic Outlook. Amongst London’s corporates, earnings figures or trading updates are anticipated only from various second tier companies such as Greggs (GRG.L), Quantum Pharma (QP..L), Revolution Bars (RBG.L), ScS Group (SCS.L) and St Ives (SIV.L). Later this afternoon, Google is holding a media event in San Francisco, while traders will also be listening for further updates from RBS regarding its reported US$120m settlement with the US courts due to the lender’s underwriting of residential mortgage-backed securities before the 2008 financial crisis. London equities are seen opening in an undecided mood, with the FTSE-100 losing 5 or so points in early trading on relatively light volumes." - Barry Gibb, Research Analyst
A quarter of Brilinta, Farxiga and oncology
30 Aug 16
AstraZeneca’s Q2 results lacked lustre, coming largely in line with our expectations, with the outperformance of product sales of $5.5bn being truncated by lower externalisation revenue, netting sales of $5.6bn. This represented a decline of 10% yoy (NB all revenue growth numbers at constant currency unless specified otherwise), emanating primarily from the Crestor (-29%) and Nexium (-13%) side of the business in the US. Currency had an adverse impact of 100bp. Cost containment, however, was better than our expectation, resulting in a lower decline in operating profit (adjusted for restructuring expense) to $611m, than anticipated. While the cost of sales marginally increased (+3.4%), due to the write-down of the FluMist inventory in the US and the adverse impact of the sales mix, SG&A (-0.7%) and R&D (-0.6%) remained flat reflecting efficiency gains in sales & marketing and IT costs. The core operating profit (which excludes restructuring, amortisation/depreciation/impairment, legal costs, etc.) was down by 21% to $1.4bn, while the reported operating profit plummeted 67.2% yoy to $303m. The debt pertaining to ZS Pharma and Acerta Pharma, further weighed on earnings, resulting in a net loss of $31m vs a profit of $696m in Q2 FY15. The CER guidance of a low to mid single-digit decline in both revenue and core EPS for the year has been maintained, although the FlumMist write-down will take the EPS number to the lower end of the range. Forex is now likely to have a positive impact of a low to mid single-digit on sales (vs earlier guidance of a negative 2% impact).
25 Aug 16
"Traders are now unlikely to take any large market bets until the Federal Reserve Bank of Kansas City's two-day Monetary Policy Symposium at Jackson Hole, Wyoming has concluded. Top of the bill of course is Chair, Janet Yellen, who is formally scheduled to speak at 09:00hrs local time on Friday, but given the hype that has surrounded this event anything she finally divulges is likely to be considered something of an anti-climax as far as investors are concerned. Indeed, most probably she will continue to walk a fine line, offering positive but uncommitted descriptions of the current state of the US economy while keeping options open regarding a rate hike at the central bank's September meeting. That would leave the markets to tread water for a little longer yet. Overnight the US markets closed modestly weaker across all principal indices, giving back more than the previous day's gains, as concerns circulated in the media about possible political actions to tame escalating drug prices following the sharp increase imposed by Mylan Inc. on Epistem, its sever allergies treatment; crude oil also weakened again on further reflection of yesterday's surprisingly big build-up of US stockpiles, which was also seen to pressurise other recently well supported commodity prices. A lack of new stories in Asia left the regions equity markets to simply track the US, with the Shanghai Composite ending the session's the main casualty as the PBOC was seen injecting additional funds to stimulate otherwise lacklustre investor enthusiasm. Other than today's start of the Jackson Hole Symposium, macro releases due includes the CBI Distributive Trades Survey and the CML mortgage lending figures, while UK corporates due to publish earning numbers are Anglo Pacific Group (APF.L), CRH (CRH.L), Henry Boot (BHY.L), Jimmy Choo (CHOO.L), John Laing (JLG.L) and Spire Healthcare (SPI.L). The FTSE-100 is seen opening around 12 points lower in early, relatively low volume, trade." - Barry Gibb, Research Analyst
N+1 Singer - Small-cap quantitative research - Momentum screen refresh + 10 focus stocks
12 Jan 17
We have refreshed our momentum style screen for the first time since inception on 26 July 2016. As before, the screen selects the 25 stocks exhibiting the most extreme momentum characteristics, according to our measurement method. From these we have selected 10 to focus on. Since inception the screen has underperformed both the main small-cap and micro-cap indices against a background of generally rising momentum. We have noted a subset of the basket, where decelerating momentum at the time of measurement appears correlated with significant share price falls since selection. We shall monitor this factor with the new screen, albeit there are only two such stocks showing this pattern, namely Lamprell (not rated) and Gear4music (not rated).
N+1 Singer - Morning Song 12-01-2017
12 Jan 17
As anticipated, the second half has again been stronger than H1 and results will be broadly in line with expectations. In line with this, the order book has continued to grow and is at record levels. This confirms that significant progress has been made in the Group’s shift towards its Technology Products division which, as targeted, contributed c.60% of group revenue in FY16. The small acquisition of Cable Power also gives a complementary boost to the product range. It is also worth noting the significant reduction in net debt, £1.0m ahead of our forecast. We remain supportive of the Group’s strategy and continue to see a bright future as this transition towards a design led technology solutions business continues. We look forward to more detail in March at the final results.
N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
N+1 Singer - Morning Song 16-01-2017
16 Jan 17
As the birthplace of Stephenson, Armstrong and Swan, the North East of England has a proud history of industrial and technological innovation. Despite local economic challenges, the region’s industrial heritage lives on through continuing success in high end engineering and technology. The recent takeovers of private equity backed SMD (subsea robotics) and Nomad Digital (wi-fi on the railways) are testament to this. The North East has also emerged as a leader in genetics and genomics with an enviable life sciences and healthcare infrastructure. Against this backdrop, we expect the region to continue to throw up attractive IPO candidates to build on the six new listings in the past three years. We expect 2017 to be far kinder to the existing portfolio of North East plcs than 2016 (a year to forget) with recent management changes one important theme for the new year. Our top picks are Hargreaves Services, Quantum Pharma and Zytronic (all N+1 Singer Corporate clients) and we are Buyers of Northgate and Grainger.